Government fund of funds
Development institute of the Russian Federation

News

RVC Approves Development Strategy for 2017-2030

12.10.2017

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The State Secretary, Deputy Minister of Economic Development of the Russian Federation Oleg Fomichev, chaired a meeting of the RVC Board of Directors, at which the Company's Development Strategy for 2017-2030 was approved. The strategy defines the mission, strategic goal and objectives, lines of activities and tools that ensure achievement of the statutory goal of RVC: profit making, stimulating the development of the venture investment industry in Russia, discharge of the functions of the NTI Project Office.

The mission of the company is to form a mature venture market through merger and development of resources, competencies and initiatives of investors managing investment portfolios and entrepreneurs to create and promote innovative products and technologies in priority technology areas that ensure Russia's leadership in the global technology market.

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The strategic goal of RVC is to achieve by 2030 scale of activities comparable to similar European entities. RVC will support Russian technological entrepreneurs in priority fields that correspond to the areas of NTI road maps and end-to-end technologies for scientific and technical development of Russia. These areas include biomedicine, energy, advanced production technologies, new materials, development of component base, quantum technologies, digital technologies in relevant fields.

Tools for the implementation of the RVC strategy are structured along three lines: investment activities, development of innovations and NTI, development of the venture market ecosystem. They will be focused on supporting megaprojects of state innovation policy, first of all, NTI.

The strategic objective of RVC will be implemented mainly through investments in venture funds as well as through the creation of new funds with the involvement of professional investors. To develop a technological transfer, RVC plans to co-invest in technology companies, work with portfolio companies of funds as a leading investor. The investment activities will be aimed at increasing venture capital through the creation of funds and attracting new partners: private, institutional and foreign investors, and large corporations.

The portfolio of RVC will be comprised of five types of funds: early venture support of NTI projects, development of high-tech industries, corporate, targeted and investment-oriented in the global market. When creating new funds, RVC will invest up to 10% of the total capital in seed funds and about 55% of the capital — in early-stage investment funds. RVC is focused on reducing the company's share in the funds’ capital down to 50% by 2020 and down to 30% by 2030.

RVC will elaborate on the development of the transfer of scientific research results into the technology business, in particular, to implement accelerating measures and educational programs, including for the benefit of corporations. RVC will, as before, promote innovation activities and development of technological communities. The company will disseminate the standards and best practices of the professional venture market participants, will provide information support to regulators in terms of venture market development tools, and will advise strategic investors. An important component of RVC's activities is cooperation with development institutions and financial market infrastructure holders in order to develop exits from venture investments.

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"A key factor for the Ministry of Economic Development, which has been supervising RVC's activities over all these years, is that the company's mission has remained the same. The country needs a developed, mature venture market. This market is not as big as the banking and financial sectors in terms of GDP in Russia, however it provides an inflow of funds at those stages that are critically needed for the emergence of innovative projects and new technologies in the country. The company's mission has remained the same, however it has become more focused on those goals and objectives that provide the maximum impact for the development of promising projects and markets for new technologies," said the State Secretary, Deputy Minister of Economic Development Oleg Fomichev.

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"We focus on the formation of a mature venture market in the country that is stable to fluctuations in terms of the availability of investors, professional teams, and project flow. The task of RVC is to become a significant European player. We should work not only with state funding, but also learn how to involve private business in our management, and we already have tools for this. RVC will continue to improve its ecosystem and investment activities. We will form the system and remove the gaps that prevent from generation of a sufficient flow of projects. As a development institution, RVC takes into account priorities established by the state, and almost all of our instruments will be aimed at achieving the objectives of NTI," commented the General Director of RVC Alexander Povalko.

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"RVC has four basic principles of creating funds. First, it is a balance of strategic and financial priorities, and secondly, the use of RVC funds as a financial leverage: our share, as we expect, will amount to an average of up to 30% and in the whole of up to RUB 2 bln. The third basic principle is to work exclusively with the investment teams, and the fourth one is diversification. We are open to a dialogue with the professional community and are confident that high-quality supply of capital will add a significant value to the Russian economy," commented Mikhail Fedotov, Deputy General Director, Financial Director, a member of the Board of Directors of RVC.




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